You are to perform a valuation of Brown company with the data below Yellow wants to buy Brown and has estimated Brown FCF with and without synergies You are to determine: 1. Market value of equity for Brown without synergies 2. Market value of equity for Brown with synergies 3. Determine the offer price 4. Determine the amount of synergies for the buyer, Yellow Inputs: Discount rate = 10% Terminal Value growth rate g = 2.0% Brown Cash = 50 Brown Debt = 90 Premium = 15% Transaction cost = 45 0 1 Brown without synergies Free cash flows Forecast years 2 170 190 3 200 150 1 Brown with synergies Free cash flows 3 Forecast years 2 190 230 0 150 250